Lords to consider Pension Schemes Bill amendments next week

The House of Lords will consider the House of Commons’ amendments to the Pension Schemes Bill on 19 January, the government has confirmed.

The announcement has led to suggestions that the bill could become the Pension Schemes Act 2021 as early as the middle of next week.

If the Lords agrees to the amendments and wording of the bill it can receive royal assent and become law.

However, if the Lords disagrees with any of the Commons' amendments, or makes alternative proposals, the bill will be sent back to the Commons and can ‘ping pong’ between the houses until they reach an agreement.

The bill sets out the framework for the introduction of pensions dashboards and collective defined contribution (CDC) schemes, expands The Pensions Regulator’s (TPR’s) powers, and requires schemes to adopt and report against the recommendations of the Task Force on Climate-related Financial Disclosures (TCFD).

It passed the report stage and third reading in the House of Commons on 16 November 2020, with several proposed amendments, including committing schemes to net-zero carbon emissions by 2050 and mandatory Pension Wise appointments, being voted down by the Commons.

Pensions Minister, Guy Opperman, previously stated that he expected the bill to become law by the end of 2020.

He has also previously said that he expects there to be a further pensions bill in the current parliament, which would include defined benefit pension superfund legislation.

    Share Story:

Recent Stories


Being retirement ready
Gavin Lewis, Head of UK and Ireland Institutional at BlackRock, talks to Francesca Fabrizi about the BlackRock 2024 UK Read on Retirement report, 'Ready or not. How are we feeling about retirement?’

Time for CDI
Laura Blows speaks to AXA Investment Managers (AXA IM) senior portfolio manager for fixed income, Rob Price, about cashflow-driven investing (CDI) in Pensions Age’s latest video interview

The role of CDC
In the latest Pensions Age podcast, Laura Blows speaks to TPT Retirement Solutions Chief Client Strategy Officer, Andy O’Regan, about the role of collective DC (CDC) within the UK pensions space
Keeping on track
In the latest Pensions Age podcast, Sophie Smith talks to Pensions Dashboards Programme (PDP) principal, Chris Curry, about the latest pensions dashboards developments, and the work still needed to stay on track

Advertisement